October Tax Reminders for California Businesses: Deadlines and Smart Planning Tips
October marks an important time for California business owners. While the year is winding down, your financial planning shouldn’t. This month brings key filing deadlines, extension periods, and opportunities to set your business up for a stronger finish before tax season begins.
1. The October 15 Filing Deadline
If you filed for an extension earlier this year, October 15 is your final date to submit your 2024 California income tax return. The Franchise Tax Board (FTB) grants automatic extensions to most taxpayers, but the extension only applies to filing, not payment.
If you owe taxes, they should have been paid by your original April deadline. Submitting your return now ensures you avoid penalties or interest for late filing.
2. Relief for Wildfire-Affected Areas
Certain California counties impacted by natural disasters, including wildfires, have been granted additional filing and payment relief. Depending on your location and the disaster declaration, your deadlines may be automatically extended.
You can check current updates directly on the California FTB website
to confirm whether your business qualifies for extended deadlines.
3. Why October is Ideal for Tax Planning
October is the perfect time to take a step back and evaluate your numbers. Before the year ends, review:
Your income and deductions, so you can make any last-minute adjustments.
Payroll and contractor payments to confirm accurate reporting.
Quarterly estimated tax payments to avoid surprises in April.
Business expenses or equipment purchases that could lower your taxable income for the year.
Getting ahead now means you’ll start 2025 in control, not in panic.
4. What You Can Do This Month
Here are a few quick steps to stay proactive this October:
Confirm which deadlines and reliefs apply to your business.
Gather any missing financial documents or receipts.
Review your bookkeeping for accuracy.
Schedule a mid-year check-in with your CPA or financial advisor.
Let Virtual CPAs Help You Stay Ahead
At Virtual CPAs, we specialize in helping California business owners stay compliant, organized, and profitable. Whether you need help filing before October 15, understanding local tax relief programs, or setting up a year-end strategy, our team can guide you through every step.
Ready to get started?